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Why Brands Emerge In The Market?









Today branded products have a special consideration on customer’s purchasing decision. Sellers also interested to include maximum branded products in their shops.

When we look back before decades, there was not much of brand consciousness in customers.

How a product becomes branded?

A branded product has a lot of features than non-branded, so customers are easily attracted to it.

But when a product introduced in the market, it may not have much sales and customers are unaware of the product. It has not much influence on customers. In this situation, the company uses branding techniques to promote the product.


Why brands emerge in the market?



Price

Some brands introduce premium products with maximum price and then win by adding the latest technology and specifications. They create a brand value in customers.

For example- luxury cars come under this segment. They sell their product at the maximum price by adding the latest specifications and advanced technology.

Some brands sell their products at a minimum price without losing quality. They are known as value for money products. There are a lot of daily used products come under this category. These brands have high influence on the customer’s buying decisions.


Quality

Quality is the biggest factor which popularises a brand. We know that most of the popular brands offer superior quality products to customers. Non- branded products doesn’t assure quality products to the customers.

Brand as a status symbol?

Customer likes royalty, and they choose brands as a status symbol. Premium category products are sold on this basis.

A premium car may not be fuel-efficient but it gives more luxury than a fuel-efficient car. 

Premium buyers are not conscious of the product price and other charges related to it, but they expect the latest technology and premium product.


Advanced technology

Advanced technologies are mostly introduced by brands. Brands like apple introduce the latest technology in their products, which helps them to create a brand value and good sales. 

We can see that every brand have a research and development department for the invention of the latest technology and ideas.

Latest design

Branded products always introduce their products on the latest design developed by them. They conduct research and identify the taste and preferences of the customer and design the product according to it. 

They also redesign their product which becomes a failure in the market.


After-sales service/ warranty issues

One of the most beneficial services offered by the manufacturers to the customers is after-sales service. A customer feels safe when he buys a branded product which offers service warranty.

Vehicle manufacturers offer free service, free insurance, engine warranty etc. to customers, which attract customers to purchase a vehicle from particular brands.

In these cases, customers haven’t to spend money on the product for a certain period.  After-sales service helps customers to avoid unpredictable expenses on a product and that service helps the brands to increase sales of the product



Globalisation and branding

We can see that globalisation increased the importance of branding. We can see that before globalisation companies produced products targeted for the home country. But after the globalisation, companies spread their operations to other countries and tight competition increased the scope of branding of the products.


 Competition was helpful to customers but it was a threat to local brands.  Now every product is surviving by branding. And branding became essential to business.








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